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10 Online Financial Calculators You Never Knew That Could Make Your Life Easier

10 Online Financial Calculators You Never Knew That Could Make Your Life Easier

We make hundreds of financial decisions every day. Most are simple — do you want fries with that? — but some decisions can be quite complex. As you approach different phases of life, you may find yourself asking these questions, in need of guidance. There are a great many resources available online but I’ve highlighted my favorite 10 online financial calculators to make your life easier:

Should I Buy Or Lease?

The number of cars purchased by 18- to 34-year-olds fell nearly 30 percent from 2007 to 2011. This trend has continued with the rapid adoption of services like ZipCar so the importance of getting a good deal is more important than ever before. Use this calculator to weigh your options and make the best decision.

1 - Should I Buy Or Lease?

      (http://www.cars.com/go/advice/financing/calc/loanLeaseCalc.jsp?mode=full)

    How Much House Can I Afford?

    Likely the most significant purchase you’ll ever make, buying a home can be daunting. Give this calculator a workout in the early stages of your home search to ensure you factor in all expenses and land on a house budget that won’t leave you over extended.

    2 - How Much House Can I Afford?

        (http://www.bankrate.com/calculators/mortgages/new-house-calculator.aspx)

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      When Will My Credit Card Be Paid Off?

      The average American household has more than $15,000 in credit card debt with average interest rates hovering around 17%. Wherever you fall in the spectrum, it’s critically important to develop a debt payoff plan and take a hard look at your credit card balances first. This powerful, easy to use tool allows you to input all your credit card balance and rate information to experiment with multiple pay down plans.

      3 - When Will My Credit Card Be Paid Off?

        (http://money.cnn.com/calculator/pf/debt-free/)

        How Close Am I To My Savings Goal?

        The power of setting goals cannot be overstated. The power of achieving those goals and raising the bar works wonders for your confidence. Financial goals are no different and this thorough calculator will keep you on track.

        4 - How CLose Am I To My Savings Goal?

            (http://www.bankrate.com/calculators/savings/savings-goal-calculator-tool.aspx)

          What Happens If I Become Disabled?

          I’ve outlined before (

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          http://www.lifehack.org/articles/money/8-crucial-financial-moves-make-your-30s.html) your most valuable asset is your future earnings potential. LifeHappens, a non-profit foundation for education, helps quantify the income protection you may be lacking with this tool. 5 - What Happens If I Become Disabled?

              (http://www.lifehappens.org/insurance-overview/disability-insurance/calculate-your-needs/)

            Am I Saving Enough For Retirement?

            The age-old question: how much do I need? After consulting your financial planner for a retirement analysis, plug your current retirement savings plan into this robust calculator and adjust as needed. Remember, you need to actually MAKE any desired savings plan changes!

            6 - Am I Saving Enough For Retirement?

                (http://www.bloomberg.com/personal-finance/calculators/retirement/)

              Will I Be Able To Afford College For The Kids?

              Admittedly, paying for your kids’ college can seem like a fantasy. The earlier you start saving, and saving intelligently, the more likely you are to reach your goal. My Father paid every penny of college tuition for me and my two brothers — hands down, there’s no greater gift. The College Board provides this analysis which considers very important factors like inflation and time horizon.

              7 - Will I Be Able To Afford College For The Kids?

                  (https://bigfuture.collegeboard.org/pay-for-college/college-costs/college-costs-calculator)

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                How Soon Until I Pay Off The Mortgage?

                Many online and TV pundits advocate for debt free living which, for most people, means eliminating the mortgage as your most significant liability. Whether you subscribe to this ideal or you simply want to accelerate payments, this tool will help shape your payoff plan. Keep in mind, if you have a “sweetheart” mortgage interest rate, you may be better off allocating your accelerated payments elsewhere.

                8 - How Soon Until I Pay Off The Mortgage?

                    (http://www.aarp.org/money/credit-loans-debt/mortgage_payoff_calculator/)

                  What Will It Cost to Care For My Elders?

                  It’s no secret the cost of medical care is on the rise. Some industry estimates peg the cost of a private nursing home room to double over the next 15 years. Hopefully your parents and grandparents have made ample arrangements to pay for these expenses. This calculator will help you evaluate the current and projected costs in your area. Don’t know if Mom and Dad are covered? The financial burden may fall on your shoulders so ask them!

                  9 - What Will It Cost To Care For My Elders?

                      (http://www.johnhancockinsurance.com/long-term-care/cost-of-long-term-care-calculator/index.html        

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                    10.  How Long Will I Live?

                    I can’t direct you to the fountain of youth but I can steer you towards this simple exercise the bright Ivy League minds at The Wharton School created. Certainly, it’s not perfect but it will give you an idea of life expectancy so you can plan for an adequate retirement, debt management, life insurance funding, legacy planning and a slew of other important financial decisions.

                    10 - How Long Will I Live?

                        (http://gosset.wharton.upenn.edu/mortality/perl/CalcForm.html)

                      Albert Camus famously mused “Life is the sum of all your choices.” Making sound financial decisions is paramount to living the life of your dreams and no one can make sensible choices without knowledge and understanding. Use these calculators to identify the impact of significant life events and take control of your finances.

                      Featured photo credit: picjumbo via picjumbo.com

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                      Published on January 8, 2021

                      How To Pay Off Credit Card Debt Fast: 7 Powerful Tips

                      How To Pay Off Credit Card Debt Fast: 7 Powerful Tips

                      Ever wondered whether your credit card debt is the reason you’re in a bad financial situation? You can’t enjoy any fun activities because a good chunk of your money goes toward debt payment. Heck, you’re even behind on some of your monthly bills.

                      The effects of clumsy debt management are too many to list here. This guide is going to help you discover how to pay off credit card debt fast and start chasing your financial goals.

                      Debt problems are the last thing anyone wants to encounter. But things can get out of hand when all the “little debts” you take accumulate in interests.

                      What if you knew some simple and proven ways to be debt-free quickly? Implementing them would mean better financial health for you. It becomes possible to free up cash for your “wants.” These include taking a trip or buying something you’ve always desired. All that while paying your bills on time!

                      Let’s not wait any longer. Here are 7 powerful tips for paying off credit card debt fast:

                      1. Pay More Than the Minimum Credit Card Payments

                      Many people only pay the monthly minimum on their credit cards. Truly, that’s the right amount for staying on good terms with your credit card company. But you need a different approach if you’re looking to achieve financial independence within a short time.[1]

                      Most of your payments go toward interest costs when you only pay the minimum amount. A substantial sum of your balance remains standing. As a result, it becomes more expensive to eliminate your debts.

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                      You don’t want to wait more than 10 years to get rid of debt while it’s possible to do it sooner. All you have to do is double that $100 minimum payment to $200 or go higher.

                      The good thing is that minimum credit card payments are affordable in most cases. By paying a higher amount, you reduce your interest costs, lessen your borrowing period, and boost your credit score.

                      2. Start With High-Interest Credit Card Debt

                      If you have more than one credit card debt, prioritize putting the extra money toward the ones with the highest interests. This debt pay-off strategy, known as the debt avalanche method, is essential for being debt-free quickly.[2]

                      First, you need to list down all the credit card debts you have in the order of their interest rates. Next, you choose the one with the highest interest and pay a significant amount toward it each month. It can be an amount twice or even thrice larger than the minimum payment.

                      At the same time, you make monthly minimum payments on the other debts. Their interest charges won’t be as costly as that of the first debt on your list. You only move on to the next high-interest debt after the first one is gone. Remember that your focus is on the interest rates and not the balances.

                      3. Revisit Your Budget

                      Budgeting is useful for tracking your financial moves. Once you create a budget, some tweaks along the way can make it work for you better. One situation that requires you to revisit your budget is when you’re struggling with debts. It might hurt a bit to slash some expenses. But you also don’t want to miss out on achieving financial freedom in the long run.

                      You can reduce some variable expenses to free up more cash for credit card debt payments. They’re the ones that change from time to time. Some examples are groceries, fuel, and clothing.

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                      Other opportunities for cutting down your spending lie in non-essential expenses. Instead of dining out all the time, you can cook at home more to save money. You can also share some subscriptions with friends and pay a fraction of the cost.

                      If you’re determined enough, you can eliminate all your unnecessary expenses and focus on paying off your credit card debt first.

                      4. Avoid Using Your Credit Cards

                      Do you want to know how to pay off credit card debt with a low income? One simple way is to stop using them. Having your credit cards everywhere you go means that you’ll be more tempted to buy unnecessary stuff. In this case, you spend money that you don’t really own and get deeper into debt.

                      The quickest fix to stop the debt build-up is spending with cash. You’ll be more aware of everything you can afford at any particular time. If you decide to keep one or two cards to ease the transition, always make wise choices. For instance, only use them when experiencing financial difficulties.

                      It’s best to categorize your fun activities under “discretionary spending” in your budget. This way, you won’t need more debt to kill your boredom. By halting your credit debt from accumulating, it’s easy to pay down what you already owe and be happy with the progress.

                      5. Start a Side Hustle to Boost Your Income

                      You’re probably turning away a lot of money by not monetizing your skills. Everyone has something that they’re good at doing. And you can use that to generate extra income for attacking your credit card debt.

                      If you look around your neighborhood, you can find several side hustle opportunities. It can be pet sitting, tutoring, or lawn mowing. You can start an online business by offering services such as digital marketing, content creation, and web development. Such skills go in high demand on freelance sites and job boards.

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                      Finding clients on social media is also a good strategy to utilize your skills and make more money. Facebook groups, Quora Spaces, and subreddits are some places to look for side jobs. You only have to join a niche-specific platform, share your services, and respond to any opportunities.

                      It’s possible to learn a skill, practice it, and earn from it. Use the free resources online or purchase some e-courses to get started.

                      6. Sell Your Used Items for Extra Cash

                      Starting a side hustle isn’t the only way to generate extra money. You can turn unwanted items into cash for paying off credit card debt. Whether it’s an old TV, book, or furniture, there is always someone itching to buy your used stuff.

                      A garage sale, as much as it’s old-fashioned, is perfect for getting your neighbors and passers-by to buy from you. You keep all the money because there are no business permits or taxes involved. While you may not make much cash, it’s better than leaving your stuff to go defunct in your storage.

                      Other than that, you can sell your used stuff on online marketplaces. Facebook groups are great places to start if you want quick approvals and hence sales. You only have to ensure that your listing follows Facebook’s commerce policies.

                      When selling any pre-owned items online, ensure they’re in good shape to avoid problems with your buyers.

                      7. Know When to Seek Help With Your Debt

                      Asking for help with your credit card debt can be challenging to do. But letting it drown you is a road you don’t want to take. While you may feel embarrassed at first, it’s the best way to get back on track when you run out of options.

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                      There are tons of non-profit credit counseling organizations that can offer you free guidance on how to escape the debt trap. An example is The National Foundation for Credit Counseling. They simply review your finances and help you determine the source of your financial problems. After that, they match you with an actionable debt management solution.[3]

                      In extreme cases, the debt solution can be:

                      • Debt relief – where your debt is partially or wholly forgiven
                      • Debt consolidation – taking out one loan to repay others
                      • Debt settlement – the creditor forgives a significant portion of your debt
                      • Bankruptcy – legal process for seeking relief from some or all your debts

                      It’s necessary to carefully weigh your options before deciding on the way to go. Find out how it might affect your credit score and any other risks.

                      Wrapping It Up

                      Debt is a major setback when you’re trying to prosper in life. Paying off credit card debt is essential if you want to reach your financial goals. That means having more free income, a good credit card score, and even a chance to retire early. You become more productive each day because of the peace in your mind.

                      So, you now have some tips on how to pay off credit fast. Go ahead and get rid of that good life progress killer!

                      More Tips on How to Pay Off Debt

                      Featured photo credit: rupixen.com via unsplash.com

                      Reference

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